Vaughn Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $210.15 Replenished the petty cash fund by writing a check for $206.60. On this date, the fund consisted of $3.40 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $46.20, postage expense $41.20, and miscellaneous expense $25.90.16 Increased the amount of the petty cash fund to $310 by writing a check for $100.00.31 Replenished the petty cash fund by writing a check for $294.40. On this date, the fund consisted of $15.60 in cash and these petty cash receipts: postage expense $142.00, entertainment expense $96.10, and freight-out $54.60. DateAccount Titles and ExplanationDebitCredit>>

Petty Cash is a type of cash available in the company to be used as payment for small amount of…

Answered: Vaughn Company maintains a petty cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vaughn Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

Aug. 1		Established the petty cash fund by writing a check payable to the petty cash custodian for $210.
15		Replenished the petty cash fund by writing a check for $206.60. On this date, the fund consisted of $3.40 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $46.20, postage expense $41.20, and miscellaneous expense $25.90.
16		Increased the amount of the petty cash fund to $310 by writing a check for $100.00.
31		Replenished the petty cash fund by writing a check for $294.40. On this date, the fund consisted of $15.60 in cash and these petty cash receipts: postage expense $142.00, entertainment expense $96.10, and freight-out $54.60.

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